The European Commission has once again recommended that Cyprus takes measures to ensure reliable and swift systems for the issuance of Title Deeds & speed the reduction of non-performing loans.
The Limassol District Court has upheld the 'trapped buyers' law overturning previous district court rulings in favour of banks that blocked Title Deeds being issued to some 70,000 trapped buyers.
Solutions to the Title Deed mess resulting from court decisions declaring that the 'Trapped Buyers' law is unconstitutional will be the subject of a meeting between all parties on 16th June.
The Limassol and Paphos District Courts in Cyprus have both ruled that the trapped buyers' law, which enabled those duped into buying property built on mortgaged land to get their Title Deeds, is unconstitutional.
Cyprus banks are blocking trapped property buyers getting Title Deeds, while in Spain the Supreme Court has ruled that the banks must refund money to purchasers whose homes were never completed.
A number of banks have obtained temporary court orders preventing people who bought property in Cyprus from receiving Title Deeds under the provisions of 'trapped buyers' law claiming they knew nothing about the sale.
The European Commission has issued Cyprus with a number of recommendations to speed the issuance of Title Deeds, reduce NPLs, eliminate impediments in the insolvency and foreclosure frameworks, etc.
